新华财经香港8月20日电（记者林迎楠、王茜）沪深股通平均每日成交金额达人民币1713亿元，同比上 升32%。香港交易所20日公布中期业绩，业内人士表示，这很大程度上得益于沪深港通互联互通机制的 笃行不怠，特别是南向资金的持续流入，对港股市场形成稳定而有力的支撑。 随着内地资本寻求多元化投资渠道，内地投资者的离岸市场参与度不断提高，带动港股通2025年上半年 平均每日成交金额达1110亿港元，是2024年上半年的近3倍，占2025年上半年现货市场成交量的23%。 "香港交易所今年开局良好，上半年收入及溢利均创下集团半年度历史新高。现货市场、衍生产品市场 及沪深港通的成交量均创半年新高，新股市场融资额重回全球交易所榜首。"香港交易所集团行政总裁 陈翊庭表示。 亮眼成绩背后是机制的护航。香港经济学家、丝路智谷研究院院长梁海明认为，互联互通机制使内地投 资者能够更便捷地配置港股资产，尤其在当前港股估值相对较低、部分蓝筹具备高股息优势的背景下， 对中长期资金具有较大吸引力。 万得数据显示，今年以来，南向资金加速流入港股。南向资金在本月15日成交净买入358.76亿港元，单 日净买入金额创历史新高。截至8月19日，今年以 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) achieved record high revenue and profit in the first half of 2025, driven by significant increases in spot trading, derivatives, and trading volumes through the Stock Connect programs [1][4]. Group 1: Financial Performance - In the first half of 2025, HKEX reported total revenue (including other income) of HKD 14.1 billion, a year-on-year increase of 33% [4]. - The main business revenue reached HKD 13 billion, up 32% year-on-year, while net profit after tax was HKD 8.5 billion, reflecting a 39% increase compared to the previous year [4]. - Despite a slight decline in trading volume in Q2 compared to Q1, HKEX still achieved record quarterly revenue and profit, with average daily trading volume increasing by 95% year-on-year [7]. Group 2: Trading Volume and Market Dynamics - Spot trading revenue grew by 39% year-on-year, while revenue from stock and financial derivatives increased by 29% [7]. - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs, with the daily average for the Shanghai-Hong Kong Stock Connect increasing by 32% year-on-year [7]. - The cumulative revenue from the Stock Connect programs amounted to HKD 1.813 billion, representing a 51% year-on-year growth [7]. Group 3: IPO Activity - The Hong Kong market saw strong momentum in IPOs, with 44 new listings and a total fundraising amount of HKD 109.4 billion, more than eight times that of the same period last year [8]. - HKEX approved 50 IPO applications in the first half of the year, with over 230 IPO applications currently submitted [8][9]. - The introduction of the "Science and Technology Enterprise Channel" has facilitated the addition of 50 new applications under categories 18A and 18C [8]. Group 4: Future Outlook and Strategic Initiatives - HKEX plans to continue optimizing its trading mechanisms, including shortening the settlement cycle for the cash market to enhance efficiency [10]. - The company anticipates a potential decline in investment income in the second half of the year due to falling interbank rates and property acquisitions [10]. - HKEX is preparing to adapt to the trend of international capital returning to Chinese assets, with a focus on meeting the diverse investment needs of global investors [7].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The report highlights that Hong Kong Exchanges achieved record high quarterly profits supported by trading volume, with a 33% year-on-year increase in revenue to HKD 14.076 billion and a 39% increase in net profit to HKD 8.519 billion for the first half of 2025 [1][2] - The trading fee income from the stock market saw a significant increase of 112% to HKD 2.556 billion, driven by a 122% year-on-year growth in average daily trading volume [2] - The report anticipates continued growth in net profit for 2025-2027, projecting HKD 17 billion, HKD 18 billion, and HKD 19.6 billion respectively, with corresponding EPS of HKD 13.48, HKD 14.22, and HKD 15.43 [3] Summary by Sections Performance Overview - In 1H25, the revenue breakdown by business lines showed significant growth rates: cash market at 62%, derivatives at 15%, commodities at 8%, data and connectivity at 5%, and company projects at 28% [1] - The trading and transaction system usage fees increased by 49%, while listing fees rose by 30% due to a recovery in the IPO market [2] Revenue and Profit Forecast - The report forecasts revenue growth rates of 26% for 2025, followed by 6% and 7% in subsequent years, with net profit growth rates of 31%, 6%, and 9% respectively [3][7] - The projected P/E ratios for the next three years are 33, 31, and 29 times [3]

Core Insights - The average daily trading volume of the Shanghai-Hong Kong Stock Connect has reached RMB 171.3 billion, a year-on-year increase of 32% [1] - The Hong Kong Stock Exchange reported record half-year revenue and profit, driven by the robust performance of the stock connect mechanism and sustained inflow of southbound funds [1][3] - Southbound funds have accelerated their inflow into Hong Kong stocks, with a net purchase of HKD 35.876 billion on August 15, marking a historical single-day high [2] Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect for the first half of 2025 reached HKD 111 billion, nearly three times that of the first half of 2024, accounting for 23% of the spot market trading volume [1] - The average daily trading volume of the Hong Kong Stock Exchange's securities market for the first half of 2025 was HKD 240.2 billion, a year-on-year increase of 118% [3] - The revenue and other income of the Hong Kong Stock Exchange for the first half of the year was HKD 14.076 billion, a year-on-year increase of 33%, setting a record for half-year performance [3] Group 2: Investment Trends - The influx of southbound funds is changing the capital structure and participant composition of the Hong Kong stock market, with more long-term institutional investors becoming key players [2] - The current low valuation of Hong Kong stocks and the high dividend yield of certain blue-chip stocks are attracting mainland investors, making the market appealing for long-term capital [1][2] - The plan to include RMB-denominated stocks in the Hong Kong Stock Connect aims to deepen the interconnectivity between Hong Kong and mainland markets [3]

傍晚时分，牛市旗手——券商股突然迎来重磅消息！ 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："关于交易时间延长议题，我们注 意到纳斯达克拟于2026年下半年实施每周5天24小时交易机制。港交所将秉持审慎渐进原则，在充分借 鉴国际同业经验的基础上，结合本地市场实际情况进行研究。" 分析人士认为，若每周5天24小时交易机制实施，必将给券商股和港交所带来重磅刺激。香港证券ETF 今年以来已经暴涨超64%，明显领先A股券商股表现。有非银研究认为，A股券商股仍有重估机会。 港交所突发 在港交所2025年中期业绩会议上，港交所集团行政总裁陈翊庭表示："港交所在保持全球竞争力方面始 终坚持战略性投入原则。港交所在资本开支方面不会吝啬，我们持续加大在数据平台优化、交易结算系 统升级等方面的投入力度。" 中金公司表示，截至二季度末，偏股主动基金A股券商板块仍低配2.67%，港股仍低配0.52%，市场向好 叠加5月公募新规业绩比较基准逐步落地，有望推动机构资金持续提升板块配置；估值层面，市净率方 面，A股/港股券商板块当前分别交易于1.66x/1.17xP/B，分别处于2014年以来45%/70%分位，结合P ...

Investment Rating - The report indicates a positive outlook for the Chinese equity market, particularly for small and mid-cap indices, suggesting a favorable investment environment [2][11][8]. Core Insights - Retail investor flows are significantly driving the recent market uptrend, with substantial dry powder still available on the sidelines for further investment [2][4]. - The Shanghai Composite Index (SHCOMP) reached a new 10-year high of 3766, with the consumption sector leading the gains, particularly in liquor and retail expansion [2][3]. - The report highlights strong earnings from companies in the "New Retail" sector, exemplified by PopMart's 12.5% increase post-earnings [3][24]. - There is a notable resilience in the Chinese A-share market, which has attracted significant inflows, contrasting with the sell-off in US tech stocks [4][5]. - The report emphasizes the long-term upside potential in small and mid-cap indices, particularly the CSI1000, due to favorable market conditions and investor sentiment [8][11]. Summary by Sections Retail Investor Dynamics - Retail ownership in indices like CSI1000 and CSI500 is high at 61% and 51% respectively, compared to foreign ownership of only 2.5% and 1.4% [18]. - The CSI1000 index has the highest exposure to margin trading at $62 billion, representing 3.5% of its market cap, indicating a sensitivity to market performance [18]. Market Performance and Trends - Approximately 10% of SHCOMP and 8% of SZCOMP constituents have reached new 52-week highs, indicating a broadening rally [11]. - About 90% of stocks in SHCOMP/SZCOMP are trading above their 50-day moving average, suggesting strong momentum [11]. - The report notes a shift towards higher quality investments, with increased turnover in mid-cap stocks (CSI500) and decreased turnover in micro-cap stocks (CSI2000) [12]. Financial Insights - Goldman Sachs estimates that Chinese households hold approximately 55 trillion yuan in excess deposits, with 22% of household financial assets allocated to mutual funds and equities, indicating potential inflows exceeding 10 trillion yuan into the market [12][13]. - The report outlines the favorable earnings growth projections for various indices, with CSI1000 expected to have a 2025 EPS growth of 54% [18]. Sector Exposure - The CSI1000 index has only about 10% weight in traditional sectors like Financials and Real Estate, while it has a higher exposure to technology and healthcare, aligning with strategic policy directions [18].

Summary of Hong Kong Exchanges and Clearing Limited (HKEX) Conference Call Industry Overview - The conference call focuses on the performance and strategic developments of the Hong Kong Exchanges and Clearing Limited (HKEX) in the financial market, particularly in the context of the cash and derivatives markets, IPO activities, and community investments. Key Financial Performance - In the first half of 2025, HKEX reported a total revenue and other income growth of 33%, reaching HKD 14.1 billion, with a net profit of USD 8.5 billion and earnings per share of USD 6.74, both reflecting a 39% year-on-year increase [3][9][10]. - The board declared an interim dividend of USD 6 per share, a 38% increase from the previous year, representing 90% of the group's profit [3][9]. - Daily average trading volume in the cash market reached USD 240 billion, more than double that of the same period last year [2][3]. IPO and Fundraising Achievements - HKEX became the world's largest IPO market in the first half of 2025, with 44 companies going public and raising over HKD 109 billion, marking the best half-year performance since 2021 [2][6][7]. - Follow-on fundraising totaled over HKD 240 billion, also the highest since 2021 [7]. Market Performance Highlights - The cash market showed strong performance with historical trading volume records; ETP market daily average trading volume increased by 163% [5]. - Derivatives market recorded a daily average trading volume of 1.7 million contracts, an 11% year-on-year increase, with USD/CNY futures seeing a 44% increase in daily average trading volume [2][11]. Strategic Developments - HKEX signed a memorandum of understanding with the Central Clearing Company to support the development of Hong Kong's fintech ecosystem [4]. - Initiatives included launching a technology enterprise channel, approval for Hong Kong as a new ENE storage location, and the initiation of a 30-year swap trading under the Northbound Swap Connect [4]. Community Investment Initiatives - To celebrate its 25th anniversary, HKEX committed to investing at least HKD 25 million in a flagship charity program focused on supporting caregivers in Hong Kong [8]. Future Outlook - Despite potential impacts from macroeconomic and geopolitical factors, HKEX maintains a cautiously optimistic outlook for the coming year, driven by positive prospects for the Chinese economy and advancements in AI and innovation [9]. Southbound Trading Activity - Southbound average daily trading volume reached HKD 111 billion, tripling from the previous year and accounting for nearly 23% of cash market trading volume [10][14]. Derivatives and Commodity Market Performance - The derivatives market saw robust growth, with significant increases in trading volumes, particularly in USD/CNY futures [11]. Digital Asset Ecosystem Development - HKEX is focusing on the development of the digital asset ecosystem, allowing ETFs linked to cryptocurrencies to be listed and exploring the potential use cases for stablecoins [25][26]. Conclusion - HKEX's strategic initiatives and strong financial performance position it well as a leading international financial center, with ongoing efforts to enhance market liquidity and community engagement while navigating the evolving regulatory landscape for digital assets.

Investment Rating - The report maintains a "Strong Buy" investment rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of HKD 515.00, indicating a potential upside of 17% from the current price of HKD 441.2 [2][8]. Core Insights - The report highlights that HKEX achieved record half-year results in H1 2025, with total revenue of HKD 14.1 billion, a year-on-year increase of 33%, and net profit attributable to shareholders of HKD 8.5 billion, up 39% year-on-year [1][5]. - The report emphasizes strong trading activity in both the cash and derivatives markets, contributing to the revenue and profit growth [5][8]. - The report projects continued growth in net profit for HKEX, estimating HKD 16.6 billion, HKD 18.1 billion, and HKD 19.5 billion for the years 2025 to 2027, representing year-on-year growth rates of 27%, 9%, and 7% respectively [8]. Financial Performance Summary - H1 2025 financial highlights include: - Total revenue: HKD 14.1 billion, +33% YoY - Net profit: HKD 8.5 billion, +39% YoY - EBITDA: HKD 10.9 billion, +43% YoY, with an EBITDA margin of 79%, up 6 percentage points YoY [1][5][8]. - Revenue breakdown by business segment for H1 2025: - Cash market: HKD 6.7 billion, +62% YoY - Equity securities and financial derivatives: HKD 3.55 billion, +15% YoY - Other segments also showed positive growth [5][8]. Market Activity - The report notes that the cash market saw record trading volumes, with average daily turnover (ADT) reaching HKD 222.8 billion, a 122% increase YoY [5][6]. - The primary market experienced a strong momentum with 44 new listings in H1 2025, raising HKD 109.4 billion, which is more than eight times the amount raised in H1 2024 [8][34]. Valuation Metrics - The report provides projected financial metrics for HKEX: - Revenue growth forecast for 2025: HKD 27.8 billion, +24% YoY - Projected PE ratio for 2025: 22.23 [7][33]. - The report indicates a strong return on equity (ROE) of 25.1% and a book value per share of HKD 41.0 [2][7].

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) [1] Core Views - The company achieved record high semi-annual performance with total revenue and other income reaching HKD 141 billion, a year-on-year increase of 33%, and net profit attributable to shareholders at HKD 85 billion, up 39% year-on-year [7] - The significant growth in performance is attributed to improved investment sentiment supported by mainland policies, leading to increased participation from mainland investors in offshore markets, which boosted trading volumes in the Hong Kong stock market [7] - The report forecasts continued strong growth for the company, with expected shareholder profits of HKD 174.19 billion, HKD 192.62 billion, and HKD 207.88 billion for 2025-2027, corresponding to growth rates of 33%, 11%, and 8% respectively [7] Financial Performance Summary - Total revenue (in million HKD) for 2023A, 2024A, 2025E, 2026E, and 2027E is projected at 20,516, 22,374, 27,785, 30,524, and 32,970 respectively, with year-on-year growth rates of 11.16%, 9.06%, 24.18%, 9.86%, and 8.01% [1] - Net profit attributable to shareholders (in million HKD) for the same years is expected to be 11,862, 13,050, 17,419, 19,262, and 20,788, with growth rates of 17.70%, 10.02%, 33.48%, 10.58%, and 7.92% [1] - The latest diluted EPS is projected to be 9.36, 10.29, 13.74, 15.19, and 16.40 for the years 2023A to 2027E [1] Market Data - The closing price of the stock is HKD 441.20, with a market capitalization of approximately HKD 559.37 billion [5] - The stock has a price-to-earnings (P/E) ratio of 47.16 for 2023, decreasing to 26.91 by 2027 [1][5] - The company has a book value per share of HKD 44.89 and a price-to-book (P/B) ratio of 9.83 [6][5]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first half of 2025, driven by a significant market recovery and a strong IPO pipeline [1][2]. Group 1: Financial Performance - HKEX's revenue and other income for H1 2025 reached HKD 14.076 billion, a 33% increase compared to H1 2024 [1] - Shareholder profit for H1 2025 was HKD 8.519 billion, up 39% from H1 2024 [1] - Daily trading volume in the cash market hit a half-year record, doubling compared to H1 2024 [1] Group 2: IPO Activity - HKEX completed over 50 IPOs in the first half of 2025, raising nearly USD 17 billion, maintaining a leading global IPO ranking [2] - There are approximately 230 companies in the IPO pipeline, indicating strong demand for listings [2] - HKEX aims to collaborate with mainland exchanges to support companies with overseas expansion plans [3] Group 3: Investment Trends - Global investors are increasingly looking to diversify into Asian markets, particularly China, which is seen as a favorable investment destination [4] - High foreign participation in IPOs, especially among cornerstone investors, reflects strong interest from international investment funds [4] Group 4: Technology and Confidentiality - HKEX has received 50 applications from companies under the new technology listing framework, which allows for confidential submissions [5] - The confidentiality provision is designed to protect sensitive information during the approval process while ensuring transparency at the time of the IPO [5] Group 5: Trading Hours and Market Accessibility - There is ongoing discussion about the potential for 24-hour trading at HKEX, which could enhance market accessibility for investors [6] - The company is evaluating the implications of extended trading hours on operational processes and risk management [6] - HKEX is committed to optimizing trading conditions and ensuring competitive positioning against other exchanges [6]